304.15-220 Misstatement of age or sex -- Annuities. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof with interest at the rate specified in the contract may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 22, effective June 18, 1970.
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